EMERGING MARKETS-Latam stocks advance, weak copper prices drag currencies of Chile, Peru

* Brazil's inflation well below expectations * Brazil's Gol files for U.S. bankruptcy * Chile central bank to cut rates by 100bps next week- poll * Latam stocks up 0.5%, FX up 0.1% By Amruta Khandekar Jan 26 (Reuters) - Most Latin American stocks gained on Friday as data pointing to a downward trend in U.S. inflation helped sentiment towards riskier assets while lower copper prices weighed on the currencies of Chile and Peru. MSCI's index for Latin American stocks rose 0.5% by 1507 GMT and was set for its first weekly gain in four. A gauge of currencies edged up 0.1%, on track for a marginal weekly advance. The safe-haven dollar dipped after a report showed U.S. price pressures moderated in December, likely allowing the Fed to begin rate cuts by the middle of this year. Latin American assets have been on shaky grounds in recent weeks as investors pushed back expectations of U.S. rate cuts from March to May due to economic resilience and hawkish comments from policymakers. With many Latam countries having started an easing cycle, there are concerns that the returns on regional currencies could become less attractive, though some analysts see room for upside ahead. "The recent repricing of market expectations on the Fed easing cycle beginning in May rather than March has cleaned up positioning and made LatAm markets more appealing," Societe Generale strategists said in a note, adding the dollar is likely to weaken ahead. "Overall, we keep our stance of a buy on dips when volatility increases as we believe LatAm’s favourable fundamentals and technicals should keep the region’s FX and rates attractive." Chile's peso dropped 1% while the Peruvian sol also weakened to 3.7809 per dollar, hurt by a dip in the prices of copper. Both countries are major exporters of the red metal. Also weighing on the peso were expectations of a 100 basis points rate cut by Chile's central bank next week. The Brazilian real edged up 0.1% in choppy trade after data showed domestic inflation came in well below market expectations, boosting bets of another 50 basis points rate cut at the central bank's meeting next week. The Bovespa index gained 0.4%. Brazilian airline Gol dropped 12.1%, a day after it filed for bankruptcy protection in the United States. The Mexican peso and the Colombian peso were up 0.1% each. Equities in Chile and Mexico added 1.0% and 0.4% respectively. Argentina's MerVal index dropped 2.5%. Key Latin American stock indexes and currencies at 1507 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 984.84 -0.35 MSCI LatAm 2538.92 0.47 Brazil Bovespa 128759.25 0.46 Mexico IPC 56379.58 0.39 Chile IPSA 6045.24 0.96 Argentina MerVal 1252432.14 -2.53 Colombia COLCAP 1273.12 0.33 Currencies Latest Daily % change Brazil real 4.9149 0.13 Mexico peso 17.1760 0.08 Chile peso 919 -1.09 Colombia peso 3927.76 0.13 Peru sol 3.7809 -0.75 Argentina peso 823.5000 -0.05 (interbank) Argentina peso 1200 3.75 (parallel) (Reporting by Amruta Khandekar; Editing by Alison Williams)